Akre Capital

Q2 2022 13F · by John Neff, portfolio manager

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

+0.3 pp in · −0.3 pp out

Options: 1 move on a notional base, in the table below.

Concentrated · behaves like 11 equal-sized positions

Low turnover · 9.7% a year, about 10.4 years per position


MAMastercard Incorporated	14.82%	5,863,241	$1.8B	added0%	+0.34 pp	37 q
AMTAmerican Tower Corporation	14.28%	6,973,187	$1.8B	trimmed−0%	+2.11 pp	37 q
MCOMoody's Corporation	12.43%	5,703,505	$1.6B	added+1%	−0.79 pp	37 q
VVISA Inc.	8.28%	5,244,738	$1.0B	held	—	37 q
ORLYO'Reilly Automotive, Inc.	7.96%	1,571,546	$993M	trimmed−0%	+0.48 pp	37 q
KKRKKR & Co. Inc.	5.70%	15,375,912	$712M	added+3%	−0.32 pp	17 q
KMXCarMax Inc.	5.33%	7,348,192	$665M	added0%	+0.43 pp	35 q
ROPRoper Technologies, Inc.	5.24%	1,655,660	$653M	trimmed−0%	−0.19 pp	34 q
ADBEAdobe Inc.	4.87%	1,660,395	$608M	added+6%	−0.07 pp	10 q
unresolvedBrookfield Asset Mgmt Inc	4.74%	13,309,753	$592M	added+1%	−0.40 pp	12 q
CRMSalesforce, Inc.	4.06%	3,070,000	$507M	added+8%	−0.11 pp	5 q
CSGPCoStar Group Inc	3.44%	7,111,430	$430M	trimmed−26%	−1.02 pp	11 q
VRSKVerisk Analytics, Inc.	3.39%	2,444,286	$423M	held	—	37 q
DHRDanaher Corporation	3.36%	1,655,300	$420M	held	—	35 q
SNOWSnowflake Inc.	1.11%	1,000,000	$139M	new	+1.11 pp	new
CLNSDigitalBridge Group, Inc.	0.64%	16,390,191	$80M	added+56%	+0.12 pp	12 q
ALRMAlarm.com Holdings, Inc.	0.13%	263,939	$16M	trimmed−73%	−0.32 pp	29 q
GSHDGoosehead Insurance, Inc. Class A	0.13%	348,366	$16M	added+19%	−0.03 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	0.04%	17,114	$5M	added+4%	0.00 pp	37 q
DLTRDollar Tree Inc.	0.04%	32,912	$5M	added+2%	0.00 pp	37 q
TDUPThredUp Inc. Class A	0.00%	22,500	$56,000	held	—	6 q
AKXAnsys Inc	—	−609,764	—	exited	−1.34 pp	—

Options 2

Contract	% of notional	Shares	Notional
GOOG CALL	77.61%	5,000	$11M
MA CALL	22.39%	10,000	$3M

Notes 0

None in this filing